Monday, July 11, 2011

A DIEZ AÑOS DE UN IMPORTANTE 'PAPER'
. Andrew Powell, Marcela Cristini & Ramiro Moya: "The Importance of an Effective Legal System for Credit Markets: The Case of Argentina", IDB Working Paper No. 142, 2001

Por AM

Se cumplen diez años desde la publicación de este interesante e importante trabajo. Andrew Powell, Marcela Cristini y Ramiro Moya analizan el vínculo entre la calidad del sistema judicial y la oferta de crédito (bancario) en la Argentina. Los autores construyen un índice de performance judicial en las 24 provincias; Capital Federal es la jurisdicción más eficaz, Catamarca la peor. La idea es interesante, porque dada la similitud formal en materia legal a lo largo del país, la evaluación de los datos de crédito con respecto al índice debería arrojar información sobre la incidencia de los costos legales, el grado en que se aplica la ley, y el nivel de desarrollo financiero.

Los resultados son contundentes:

Overall it is clear that improving the effectiveness of the legal system would yield significant economic benefits for Argentina. Judicial effectiveness plays an important role in increasing the total amount of credit available and in reducing the stock of nonperforming loans. For example, if the effectiveness of legal enforcement nationwide reached the level of the province with the best judicial enforcement (the city of Buenos Aires), credit would grow by some 2 percent of GDP at the national level.

For those provinces with the worst judicial performance, the improvement could be as much as 11 percent of provincial GDP. Instituting the needed reforms remains an important challenge that needs to be addressed if Argentina is to enjoy the benefits of fully developed financial markets.
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